National Healthcare Decisions Day is Saturday, April 16, 2016. The theme for 2016 is “It Always Seems Too Early, Until It’s Too Late.”
Over 100 million American adults have not designated an agent to make medical decisions nor documented the type of medical care they desire. Although it is a difficult issue to address, it is important for all adults to consider who is best-suited to make medical decisions for them the event they become too ill to convey their wishes personally.
When you are taking steps toward establishing your estate plan and getting your documents in order to protect against future uncertainty, there are several items to consider. As part of your plan you will choose agents to act in your place for health care decisions (Health Care Proxy) and legal or financial decisions (Power of Attorney) which need to be made if you are alive but unable to make the decisions for yourself.
Effective estate planning may reduce estate taxes, which will benefit you and your family financially. In the face of ever-changing tax laws, there is growing concern about how to best protect assets and secure them for future generations.
Anticipating your potential estate tax liability is a great place to start planning. Estate taxes are due within nine months after the date of death. Therefore, advance planning is key to addressing tax liability.
I am often surprised at how few people including professionals and executives have met with an attorney and drafted Wills, Living Wills and Durable Powers of Attorneys in the event they or a family member get sick or have a terrible accident and cannot speak for themselves, or die.
A few weeks ago, I wrote a blog post about the importance of securing your digital assets in your estate plan. This week, I stumbled upon a new Facebook feature that will further help you preserve your digital assets.
A key facet of the 21st century estate planning that many people overlook is a digital estate plan. With our lives becoming more engrained in technology each day, it is important to protect these assets too!
As 2014 comes to an end, it is a good time to assess your estate plan. For many, estate planning is something they realize they should do, but they keep postponing. With the dawn of a new year, it is time to consider management and protection of assets during lifetime and controlling distribution following death so you may leave a legacy for your loved ones.
The confusion surrounding the status of unspent IRAs that parents leave to their children has finally been cleared up, following a unanimous Supreme Court decision. The Court ruled this week that inherited Individual Retirement Accounts (IRAs) are not shielded from creditors throughout bankruptcy proceedings. Typically, bankruptcy law protects retirement assets from being eaten up by creditors after filing, but inherited IRAs differ because the money can be accessed before the new owner actually retires.
The 2014 National Healthcare Decisions Day is Wednesday, April 16, 2014. Over 100 million American adults have not designated an agent to make medical decisions nor documented the type of medical care they desire. Although it is a difficult issue to address, it is important for all adults to consider who is best-suited to make medical decisions for them the event they become too ill to convey their wishes personally.